Mike Bloomberg on Free Trade

Mayor of New York City (Independent)

Protectionist viewpoint has a heavy price to country

It is easy to say that times have changed and take a more protectionist viewpoint. In fact, times have changed. Dramatic advances in technology and increased global trade are creating enormous economic opportunities, but also challenges.
If America is to remain the world’s economic superpower, it must capitalise on the opportunities and confront the challenges. Countries that run away from globalisation will pay a heavy price for decades to come.

Global economy isn’t zero-sum game: US & China can both gain

This week I am meeting with business leaders and government officials in Beijing and Shanghai to discuss the increasingly important relationship between the US and China--and the opportunities that we hold for each other. Some in the west believe that a
growing Chinese economy is a threat.

As a businessman, and now as mayor of the world’s largest financial capital, I believe the opposite is true: Chinese growth is, in fact, an opportunity for the US and the world, because the global economy is not a
zero-sum game. We all share in each other’s success.

A growing China creates jobs for our export producers, keeps consumer prices low, expands our choice of goods and services, and increases our access to capital and talent. It also intensifies pressur
on China itself to act responsibly on international issues, including security, trade, product safety and climate change. Our serious differences with China in these and other areas must not used as excuses for short-term retaliatory measures.

Staunchly for free trade and against protectionism

The mayor staunchly defended open immigration and free trade. “The things that we have to worry about is this protectionist movement that has reared its head again in this country and the anti-immigration movement, which will destroy our children’s
future if we let it go unchecked,” the mayor said.

The mayor’s most striking remarks were about economic inequality, as he voiced views not widely articulated by his fellow Republicans. “This society cannot go forward, the way we have been going
forward, where the gap between the rich and the poor keeps growing,“ said Bloomberg, a former Democrat. ”It’s not politically viable; it’s not morally right; it’s just not going to happen.“

He blamed ‘’the abject failure of public education in this country’’ as a major cause of inequality, arguing that too many young people had not been given the skills essential for a technologically advanced economy.